News Topic: Payment fraud

As U.S. banks move toward faster payments, they should heed the lessons U.K. banks learned about criminals after launching their real-time transaction system, says Varo Money's fraud strategy leader. ... Read full article

Cash-outs accounted for 80% of mortgage refinances in the third quarter; state will accept bitcoin for business tax payments. ... Read full article

A new group aims to foster collaboration between fintechs and state and federal officials in the fight against crime — without hindering legitimate business innovation. ... Read full article

The central bank found that the increase in noncash payments fraud from 2012 to 2015 was still just a small fraction of overall payments. ... Read full article

In hundreds of cases, the prepaid card program run by the bank allegedly sent users’ funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator. ... Read full article

How banks and network providers combat real-time payment fraud; online banks try new pricing strategies; the Most Powerful Women in Banking call for greater leadership diversity; and more from this week's most-read stories. ... Read full article

For bankers and network providers, it’s a given that moving to a real-time payment system like Zelle will lead to an increase in fraud attempts. Here's a look at the ways they're fighting back. ... Read full article

The Texas bank, which partners with the U.S. Treasury to dispense federal benefits via prepaid cards, is alleged to have dropped the ball as hundreds of cardholders say their money was forwarded to fraudsters posing as them. ... Read full article

Wire and other payments fraud affected a record number of businesses last year, and the FBI is warning in particular about real estate scams. ... Read full article

The central bank is taking a lead role in trying to combat the longstanding problem. A broad study by the Fed aims to measure the extent of payments fraud and to foster more collaboration in thwarting it. ... Read full article

The announcement comes after a Federal Reserve Board task force issued a report in September that said it would further examine options for modernizing the U.S. payments system. ... Read full article

Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the Internet, according to a new report. ... Read full article

In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to ... Read full article

ATM jackpotting is a crime in which technology is manipulated to get the machine to dispense all the money it has. Unlike most cyber crime, it requires physical access, which increases the chances of getting caught. ... Read full article

The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals. ... Read full article

Nano Financial will offer new technology to Commerce Bank's commercial customers as it considers ways to license it to other financial institutions. ... Read full article

Companies like Visa and Mastercard make decisions about security in secrecy, without enough input from banks and merchants. ... Read full article

In the new role, Kenneth Montgomery will lead the Fed’s efforts to reduce fraud risk and improve the security and resiliency of the U.S. payments system ... Read full article